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Separate Managed Accounts:

The Masters Private Account Program

"Masters" is a Separately Managed Account (SMA) providing a personalized investment management program for your clients with individually tailored investments designed to meet the specific objectives and needs of today's sophisticated investors.

Masters Private Account Program





What is a separately managed account?

Separately Managed Accounts (SMAs) are individually tailored investments designed to meet the specific objectives and needs of today's sophisticated investors. In the past, this level of customizatton was reserved only for large institutions. Howevel with the changing investor landscape, SMAs have br:come attractive investment vehicles due to their ability to potentially deliver tax-efficiency within a customized portfolio.

Simply stated, an SMA allows an individual to invest in a diversified portfolio of individual securities. Urrlike a mutual fund, the individual securities are owned directly by the investor. This portfolio of securities is managed by a professional Portfolio Manager and is often packaged with regular communication including statement reporting, tax reporting and quarterly Portfolio Management updates.

What are the benefits associated with owning a separately nranaged account?
Are there risks associated with sepanately managed accounts?
SMAs can offer the following characteristics: individualized portfolios, profr:ssional management an d oversi g ht, f lexi bi I ity, transpa rency, d iversif ication and tax efficiency.
Why are minimum investments in separately managed accounts normally $100,000 and more?
The minimum investment orr SMAs can range depending on the program. Generally, account minimums are $ 100,000 or hi5lher - depending on a number of things. Most inrportantly, the number of holdings can range anywhere from 10-75 in each specific mandate. For those mandates where a portfolio manager requires the diversification of 7li securitles, anything under $100,000 would result in fractional shares which are not traded in these programs. lt's important to understand the clients' needs, and financial position, in determining if SIVAs are appropriate.
How do separately managed account fees work?
Investors generally pay one asset-based fee that includes all costs for trade exercution, custodial, administrative, portfolio management and investment iadvisory services and reportinr;. 'frustee fees will are generally not charged with reqistered plans.
Yes. All investments involve a certain amount of risk, including the possible loss of the prrncipal anlount invested, which varies depending on the securities selected. SMAs are subject to risks including, but not limited to: risk of concentration in sectors, asset classes or geographic regions; asset class risks (internation,al, small- and mid-cap stocks, ADRs, high-yield, emerg;ing market debt, etc.). In addition, investors may find there are fewer SMAs focused on certain asset classes, hindering one's ability to gain access to those classr:s in an SMA product. Also, investors without significant assets to invest may find it difficult to achieve broad diversification within a portfolio, and this could result in a concentrated (non-diversified) portfolio. Please bear in mind that SMAs may not be suitable for all inves,tors,
Why choose a separately managed account?
SMAs can help clients construct a comprehensive, customized solution to meet their unioue needs, However, there are many investment vehicles out there, and it can sometimes be hard to determine the right one for your client. Below are just a few ways in which SMA's are unique compared to other traditional investments.


  • One of the largest indeperndently owned investm management firms in Carrada
  • Approximately $31 billiorr in assets under management
  • Operated by 21 entrepreneurial investment professionals focused on delivering both traditio and innovative solutions to r:lients
  • Founded in 1982
  • Independent, diversified I'inancial services fir providing investment sollttions to institutional an retail inves
  • Manages more than $ZO billion in equity, fixe income, and alternative strategies, both glob and domest
  • Focused on bottom-up stocl( selection with an emphasis on strong risk-adjusted retu
  • lncorporated in 1962
  • Manages pension funds, endowment funds, corporate and private portfolios for clients in North America and overseas
  • Primary goal is growing capltal for its clients in a low risk manner The firm s philosophy is founded upon conservative, time proven principles of fundamental investing
  • Over $36 billion in assets under manaoement
  • Founded in 1955
  • An independent investment counselinq firm owrred entirely by its investment professionals
  • Creates broadly diversified portfolios of wealthcreating companies bought at discounts to their intrinsic values
  • More than $20 billion in assets under manaqement
  • Founded in 1974
  • Manages Canadian equity portfolios following a relative value approach
  • Manages Sionna Canadian Large Cap Compositg 1a7ith stable history of outperformance and lower standard deviation than the benchmark, as well ,as downside protection
  • Over $4.5 billion in assets under management
  • Founded by renown portfolio manager Kim Shannon in2O02
  • Global reach with more than 325 investment professionals in 17 countries and territories around the world
  • Uniquely positioned to look beyond domestic markets in search of superior long-term performiance and broader diversification
  • More than U5$298 billion in assets under management
  • Investment expertise extends across equity and flxed income asset classes, and alternative investments, such as real estate, timber, farmland, as well as asset allocation strategies
  • Delivers comprehensive asset management solutions for institutional investors and investment funds ln key markets around the world
  • Dedicated to a value investing strategy with domestic and global equity, balanced and fixed income mandates for pension plans, endowments / foundations, First Nations, corporations and other institutional investors
  • Privately owned Canadian organization with part ownership by its employees
  • Approximately $40 billion in assets under management
  • Founded in 1967